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Charles Schumer
  Democrats on Wages Corporate Taxes  CSPAN  November 8, 2017 8:00pm-8:32pm EST

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this is 30 minutes. [inaudible conversations] >> thanks very much later this morning will offer an amendment to test the theory that has been put forward by than head of the president's council of economic advisers promising their tax proposal passes based on the commentary of the republican leadership and that is likely to be changed from the time and lose out of this committee. the congressmen will offer the following amendment that will be scrutinized by the department of commerce or
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census bureau. the chief economic adviser said the $4,000 increase with the ability of wage growth for the average american defined as the following, family of four with $5,000 per year so there's $63,000 based of the proposal the administration has offered you cannot find an economist except that idea purpose you are suggesting that if they don't meet that threshold then in fact, the tax cut that emphasizes the repeal of the estate tax and to repeal of the amt of the middle class are given there is no connection. suggesting simply we will
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put aside their proposal that they have with the tax bill there will be trying to pass the next few days so with that, senator wyden. >> i will be brief. the last 18 hours senate democrats told the administration and the president that tax reform can be bipartisan if you focus on the middle class. that is what voters demanded last night. i hope the white house finally gets that message because it was said to loud and clear by senate democrats and voters. but instead they insist on the same mess of the
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trickle-down tax cuts that we believe they should be willing to stand by them. so put your corporate tax where your mouth is. and we will make sure that the american people, the middle-class get the tax relief. the reality is corporations right now are awash in capital they have cash reserves on hand and we want to make it clear the middle-class is driving 70 percent of the economic activity in our country they ought to be the focus. the president said again yesterday he didn't think he
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should be getting tax relief. but this has been outlined by my colleagues with the idea of the senate to ensure that relief does go to the middle-class not to the president says he does not want it. >> good morning i am honored to be here the ranking member in the senate along with the senator wyden. as a former member of the house now ranking member of the house side. i rise in support of the higgins amendment that'll hold republicans accountable for their work. also joining the grace and a leader chuck schumer and we
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see what is happening not as tax reform or tax cuts but right now president trump isn't tied with the broader show ceos cutting deals for corporate america. so republicans are writing a tax bill to give tax breaks to corporate america to send jobs overseas. that is just not right to. while the republicans just acknowledged to, but house republicans are again working not on reform or tax cuts for millions of americans to sell that as a
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bill of goods for the middle-class. they face taxes on millions of americans across the country tax breaks for corporate america, they try to tell the american if there is a 1.$5 trillion tax cut it should be good for them. that is what they think they should extend the amendment put forth in the house which challenges them to except accountability with no corporate giveaways. so we believe at senator wyden said that we can come together in a bipartisan way to write to real tax reform. to have a good paying jobs for all americans.
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democrats are proposing repeal tax reform that is just middle-class borough i am pleased to yield to the distinguished senator chuck schumer. >> i would like to thank the distinguished leader of the house from the great state of california. a wonderful state. not quite new york. anyway we are here to tell republicans put your money where your mouth is. every claim they make is whittled away and speaker ryan said every middle-class person will get a tax break. that is false. he ought to retract that
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immediately the said donald trump is not help the wealthy but obviously it does. sova all the claims they have made our lives by the bill is also the day they publish this is a turning point for called i have left is they say with the taxes on middle-class people may be able get money to corporations but it will create a lot of jobs they estimate the average worker tax 6.8% increase or a $4,000 increase if you cut corporate taxes. we say put your money where your mouth is. if you claim of the tax break does not pan out then
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taken aback. we don't believe it is real. corporate america is already flush with money. the average tax rate for corporations is 16% one of the leading companies that once the tax break is at&t. the nose what the tax rate was for them the last 10 years? single digits. 8% and they laid off over 80,000 workers. and now the corporate people who benefit tell us they will not use this to employ workers but do more stock buybacks and dividends. and alan like to read to new quotations from corporate executives. chairman and ceo of the
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major pharmaceutical company, amgen. based in washington d.c.. they must have moved their headquarters to be closer to new york. [laughter] here is what he said. obviously we have a track record of returning significant capital to our shareholders and to the extent that will have greater flexibility we will take that into account with capital allocation. as you know, from our track record we have been actively returning capital in the form of dividends and buybacks and i expect to continue that. what about the cfo of con agra? and other fortune 500 company. if there is a tax deduction
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with cash we will bounce back to the capital allocation and that means stock buyback and dividends. democrats, we want to cut taxes their bill does not do that with the wealthiest corporations are showered with even more money with the idea that they will use this is put forward by the right wing think tanks and said the u.s. actually swallow this junk. if you believe it will create jobs then nobody should oppose the amendment if you don't create jobs then give it back to the taxpayers for the middle-class. our amendment would snap back if corporate america
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fails to create the jobs the republicans promise they will do. >> [inaudible] >> i will say this. republicans should get the elections last night with the giants stop sign for their tax bill. where did they get clobbered? in the suburbs where did it clobber middle-class people? in the suburbs. one district went overwhelmingly democratic and 49 percent of the taxpayers in her district take the state and local deduction at a cost of $13,200,562. but not just for jaime a.
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york. in 2010 we lost to the county executive's of westchester we got them back last night. the town of hempstead the largest town in america republican 100 years but they elected a democrat for the first time. we're saying to the republican colleagues a few continue to try to eliminate the state and local deductions, you will kill suburban legislators who are already in trouble because the suburbs do not seem to like donald trump so we say to our republican friends of the tax bill, one that passed this tax bill? makes our day.
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make our day. [laughter] >> i associate myself with the remarks of the distinguished leader. what was interesting that overwhelmingly that leading issue was health care. id and republicans in congress should try once again to reject those certain appeals and to the tax bill. which was gun safety and then down the line. of course we always observe the elections is a great day for the democrats that we
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have to recognize there were many good days before that and to say the reason the lieutenant governor lost that he was not enough like trump or something like that. i hope they continue to think that because of a given to the next base thinking they were not enough like trump we will have a certain victory. last night was a start looking at the women. nearly of the gap of the blue-collar workers and much smaller version so the electorate paid attention to what was happening and what they see here coming out of these tax debates was not in their interest of their
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families and voted accordingly and overwhelmingly democratic to the point the state legislature may be in play which is remarkable because they went and last night with a 46 vote majority. >> one more thing. >> the door is open for us. right now we had president bush down at 38 percent that is approximately where president trump is now. that means we get the fresh recruits eighteens and those are important in the election. >> in 2005 you could smell a wave coming last night it
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smelled exactly the same way. our republican friends better look out. >> the senate democrats are winning huge victories last night. democratic senators were telling the white house just between 70 and 80 votes for a bipartisan tax reform bill focusing on the middle-class so does the white house get that message?. >>. >>. >> [inaudible]
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in some cases they may get worse. some of my knee your colleagues in the house said we would never compromise on state and local but the senate says no compromise get rid of it all because the senate rules are tougher anyone in the house that benefits with the state and local deductions, be very careful because they will leave a minute whole thing and compromise will go that way. >> that is all they are instructed by their leadership. i know what they will say. the senate will fix it when it comes over. but they have to move this in the next 24 hours including states and local taxes. calling this middle-class
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with the amt. they are there to cast a very difficult vote stagnate are asking republicans on this committee or on the floor of the house to walk the plank on we may not be the final product to reject the concerns of their own constituents in california that hurts tens of thousands of people in their district. so this tax bill is a moment of truth what opportunity can be in the failure of
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what they try to sell to the american people did not have been successfully. but those that are voting this way they say we will win the next election if we don't pass this but if you don't you will not. >> i think it is pretty obvious the selfie people in virginia were upset the way presidential bestride to governor get anything done he is tweeting instead of meeting. i believe this was a rejection of all the president trump but the policies he and republican party seems to be adopting get rid of health care or tax breaks for the rich or
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transportation or scientific research rejection both of the president and his policies which the republican colleagues are blindly following. >> in anticipation of the market up so to be nominated in new jersey bell last night it was a big democratic victory. >> that was based on democratic values and principles.
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>> [inaudible] [inaudible] >> that sentiment that was expressed by senator breaux is a sentiment of all of us. if they did come up with new proposals to focus on the middle-class they could focus on helping working people get better wages, one of them is similar to what we're talking about today that corporations work very hard along with senator durban that they should not
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get tax breaks unless they take that money to help working people not corporate ceos. >> my colleagues were shocked that what president trump said and how far away from reality he said there are no tax breaks for wealthy people in the bill. he said a bunch of other things that he is not a persuasive salesman if he does space know what is in the bill. >> said to be aligned with the other readings at the white house said democrats keep coming back to the key point that legally you throw the economy on the middle class which is what the legislation is about to keep
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jobs in america so the president said no tax cuts for people like me. get them to the middle-class. but there sure is a big difference between the president's words from what is written down. so an appropriate way to wrap up is after last night and after that conciliatory way in which the senate democrats reacted to have a package bipartisan vote in the senate.
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been the one that of the legislation dealing in the house with the senate democrats can deal with next week. and then to remake the american economy. and then getting ready with legislation. slow does the president wants to do what he says or put that down on paper? to support a growing red, white, and blue job in america. >> so asking a political
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question trying to win the majority is the policies there not talking about the personality of the president like trickle-down economic tax breaks of those working families and our country. or women's rights to choose these are issues they have been known for very long time. so the debate in the next election checks and balances. but i do think most americans do. then it was better policy
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but was happening. these are not messengers of donald trump. that is the head of the republicans in congress that has to change. [inaudible conversations]
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[inaudible conversations]
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spread one of the themes of my book from brighter in in the case again but to be anti-semitic from the portrait of 1824.
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so hoover had the audacity to dominate to say how dear you reflect the pour. [inaudible conversations] >> the committee will come to order. without objection and we will reduce the debate time down at three minutes per member.